Foreclosure is a clear-cut legal process whereby a bank, mortgage holder or other lender can repossess or sell a property in order to repay the debt owed on the property. If you miss payments at any point, your lender can often begin proceedings right away. Some states have different laws about how much time the lender must give you, and most banks will not assume you have defaulted on your loan with a single missed payment.

Foreclosure removes the debt of the original mortgage and can remove the debt associated with HELOCs and any additional mortgages. You may still be obligated to pay your HELOCs and additional mortgages off in full if they are not covered by the foreclosure profits.

Your lender legally must notify you in writing about the beginning of foreclosure proceedings. You must be given sufficient notice that you are in default, and the bank must also give you a chance to pay what you owe before proceedings start.

It is possible to delay or stop a foreclosure in Tennessee once it starts by filing for personal bankruptcy. If you are facing the threat of a foreclosure, contact the legal experts at Clark & Washington to learn about your options.

The firm offers free initial consultations to Chattanooga residents who are considering filing for bankruptcy. During your consultation, your attorney will listen to your case with compassion and understanding and help you to determine the best path for you, even if that is not filing for bankruptcy.

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

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